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1. Prepare entries to record the following transactions:(a) a $5,000 cash investment made by the owner of a business.(b) $1,700 in revenue earned on account.(c) $2,500 of cash received in advance.(d) $750 of advertising paid in advance.(e) a $1,950 withdrawal(f) the collection of $650 in cash on account.(g) $275 of supplies purchased on account.(h) $420 of utilities expense owed.(i) a $215 cash payment made on account.(j) $700 of revenue earned in cash.
2. Before any adjustments have been recorded, unearned rent has a normal balance of $57. If $18 of rent remains unearned at year end, prepare the adjusting entry to record rental income earned.
3. On October 1 of the current year, a business prepaid $12 of property tax, in advance, for the next 12 months. As of December 31, it owed but had not yet recorded $6 in wages due in January of the following year. Prepare any adjusting and closing entries you think are needed at year end.
4. What would the normal balance be of a liability account a post closing trial balance? A revenue account? Drawing? Explain.
Assume that variable expenses are reduced by 20% per unit, and the total fixed expenses are increased by 10%. Find the sales in units to achieve a profit of $20,000, assuming no change in selling price.
In the company's first year of operation, no dividends were paid. During the second year they paid $50,000. Explain how should dividends be distributed?
To minimize the company's risk and to gain surplus relief, the company ceded 75% of the policy described in transaction 1 to a reinsurer on August 1, 2007. The reinsurer's commission was 20%. Forgetful received the commission in cash. The reinsura..
The Assembly Division of the same company needs a part that is just like Product A. The Assembly Division can choose whether to buy Product A from an outside supplier for $14.15 or buy it internally from the Parts Division. and evaluate the most ..
Additional monthly advertising cost would be $ 180,000. How much pre-tax income would the discounted fare provide Springfield Express if the company has 50 passenger train cars per day, 30 days per month?
Determine the per unit cost amounts before you prepare the 3 flexible budgets. This is asking for a flexible budget for a very specific item.
The stock, which trades on a regional stock exchange, has a $25,000 FMV on the contribution date. Illustrate what is Yellow Corporation’s charitable contributions deduction for the current year?
The information provided below is related to equipment owned by Collier Company at December 31, 2007. What is impairment loss for Collier Company under IFRS?
Evaluate the equivalent units of product for (1) materials and (2) conversion cost for each month and calculate the physical units for January and May.
State where the balance of Deferred Gross Profit would be reported on the financial statements for 2011. Calculate the amount of realized gross profit to be recognized on the income statement, prepared using the cost-recovery method.
Preparation of journal entries, adjusted trial balance and classified balance sheet - Prepare journal entries for the transactions listed above and adjusting entries. and prepare an adjusted trial balance at January 31, 2007
the bank notifies Wilma that if she pays back $75,000 immediately, they will forgive her $100,000 loan. What are tax implications to Wilma if she accepts the bank’s offer?
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